The credit crunch and the subsequent meltdown of the banking system has driven pay for interim managers with expertise in risk and compliance up by 50%, according to industry experts.
Interim managers with risk and compliance experience were typically earning up to £1,000 a day before the credit crunch, but many are now earning up to £1,500 daily as demand for their skills intensifies, according to recruitment firm Interim Partners.
Andrew McIntee, head of the financial services practice at Interim Partners, said: “Those banks that had a weak risk and credit function are hiring quickly to fix the problem, and even where a bank has had a ‘good’ credit crunch they are looking at this area as a strategic advantage that they want to hone further.
“As with all rare skills, the pool for the top talent with a proven track record is small – with everyone looking to recruit at the same time rates get pushed higher quite quickly.”
The increase in rates reflects a dramatic overall shift in power to the “middle office” part of banks, according to McIntee.
“Before the credit crunch, compliance and risk were sometimes seen as a necessary evil and were portrayed by sales and traders as a costly impediment to writing business” he said.